WASHINGTON — Mortgage lenders and consumer advocates, two lobbies usually busy opposing each other, have joined forces to urge regulators to ease up on proposed risk-retention requirements that they say will result in a credit crunch.
The Mortgage Bankers Association is teaming up with groups including the National Community Reinvestment Coalition, the Consumer Federation of America, the Center for Responsible Lending and the National Housing Conference to say that regulators took a narrow approach when they outlined in March which loans would be exempt from the new requirements. They plan to hold a joint press conference Thursday and are expected to meet with regulators and lawmakers.
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